Co-op Money NZ, representing co-operatively owned credit unions and mutual building societies in New Zealand, has chosen Oracle FLEXCUBE as its core banking system.
Deployment of the solution will start in early 2016, and is designed to deliver better product flexibility and extensibility and interoperability to members throughout branches across New Zealand.
“We are constantly working on improving efficiencies and bringing in solutions that enable our Members to provide the best in services to their members,” says Henry Lynch, CEO, Co-op Money NZ.
“The Oracle FLEXCUBE solution will replace our existing, legacy core banking system, and will become the one-stop solution for all information across Members that will use the system.”
Lynch says the Oracle solution was chosen by a majority of credit union members after an “in-depth consultative process”.
“Co-op Money NZ is a leading example of how the co-operative sector in New Zealand is modernising their infrastructures and applications in order to be faster and more agile when servicing its external stakeholders,” adds Venky Srinivasan, Vice President Japan and APAC, Financial Services, Oracle.
“Oracle’s FLEXCUBE solution is a smart and intelligent system that offers rich and personalised customer experiences, while potentially improving performance and the IT environment of financial institutions.
“At Co-op Money NZ it will become an integral part of delivering and supporting efficient services for Co-op Money NZ’s members.”